Every one is a money-launder now
EU restricts cross-border movement of gold bullion
It's already pretty dicey travelling internationally with any serious amount of cash or valuables such as gold or silver coins. Now the EU has gone full-Orwellian with the announcement (just before Christmas) of a new law that basically makes any thing subject to confiscation at EU borders.
The bureaucrats on the EU’s wonderfully named, Civil Liberties and Economic Affairs Committee recently drafted a new law targeting those travelling within the Eurozone with “gold, precious stones and metals”. The bottom line is this: from now on you are automatically suspected of money laundering.
Read through that link above, you'll be as incredulous as I am!
Assuming this new law passes later this year, and it looks almost certain given the overwhelming support a draft version received, when you declare any valuables on your person at an EU border officials can simply decide they don’t like the look of you and seize your assets. Simple as that. No prior convictions needed or even probable cause. In fact, they don’t even have to take a physical look at you in order to seize your property as even unaccompanied valuables are up for grabs if undisclosed.
Welcome to Europe 2018.
Fear, uncertainty and doubt
As usual, the exact rules are clear as mud. The new law covers such vagaries as “anonymous prepaid electronic cards” which for example may include such things as the Goldmoney gold debit card. Enquiring minds are left none the wiser whether the definition of precious metals includes wedding rings, legal tender coins, works of art, or commercial parts. The exact rules and their interpretation are presumably left up to whichever official is on duty when you and/or your metals cross the border.
But course, being clear would just undermine their true intentions. Anyone prepared to do a little research on Google will discover the true vehicle for serious money laundering. This of course remains fiat currencies, predominately the US dollar via the global banks.
The noose tightens
Even the most skeptical can see the ever tightening noose around the freedom of ordinary people to travel with their cash, precious metals and other liquid assets. Long gone are the days when you could travel with enough physical cash or gold to set up life in a new country. Pretty soon crossing international borders with anything more than enough cash for a weekend will be Verboten!
With this in mind here’s two thoughts:
Financially internationalizing oneself is prudent. Do it before you need to. Better uncomfortably early than a day late;
Physically moving around even smallish quantities of metals is becoming too risky. Therefore a bailment service should make up a significant part of your precious metal strategy.
For a comprehensive discussion on this topic have a look at my website page on internationally transporting precious metals.
Thanks for reading and I hope you follow me if this was interesting!
Check out my apps here:
Android - Silver Coin Valuer PRO and Gold Coin Valuer PRO
iOS - Silver Coin Valuer PRO and Gold Coin Valuer PRO
Well written and informative. Thanks for this great article that artfully dispensed with sarcasm — the truth in this case just needs to be clearly presented for the implications to do all the work.
I’d suggest any travellers to start practising remembering 12 words ;)
yep.. or 24 words in case of the nano S :)
Bingo!
Makes holding crypto even more critical in the future.
This is why crypto has become so important.
As some think they can outlaw it, they cannot confiscate it if you have it offline stored in a wallet, or just know the key, you can access it anywhere at anytime.
This also goes to prove, silver and gold are more valuable than peope think, silver is the most under valued commodity, and if anyone thinks it’s not going to become a lot more valuable soon, ask why are banks and governments buying it up?
They know it’s very valuable and real money.
Could not agree more - especially regards silver. One issue though, unless you memorise your private key or seed phrase you'll need to travel with hardware wallet, piece of paper with it written down or laptop with your seed/key record. Still safer than physical bullion but cryptos not entirely safe from these thieves!
Nice post! I will follow you from now on.